Advancements in mobile and energy storage battery technology
Researchers and investors are actively working on innovative solutions to develop more affordable battery technologies.
Batteries are crucial for vehicles that operate independently of the electrical grid and for storing electricity to mitigate the variability of solar and wind energy. Advancements in battery technology aim to address several key objectives:
-Affordable electricity storage solutions
-Fast charging capabilities for vehicles
-Lightweight designs for aviation
-Minimization of rare components to enable mass production
-Extended lifespan to reduce recycling costs
Despite progress, there is still a long way to go. While the market share of electric vehicles is growing, they still represent a small percentage of total vehicles[1], partly due to the high cost of batteries. Additionally, global grid-scale energy storage capacity in gigawatt-hours remains limited[2] when compared to the overall power market[3].